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Leading global law firm Herbert Smith Freehills has advised Morgan Stanley and CICC as joint sponsors of medical device manufacturer Acotec Scientific Holdings Limited (06669.HK)'s mainboard listing on the Stock Exchange of Hong Kong.

Acotec Scientific has developed a suite of interventional medical devices for the treatment of vascular diseases, notably in the fields of drug-coated balloons (DCB) and thrombus aspiration catheters.

The IPO raised over HK$1.529 billion (approximately US$196 million), and listed on 24 August 2021.

"We are delighted to have worked with Acotec on its successful listing on the HKEx," said Beijing partner Zhong Wang. “We helped CPE acquire 100% of Acotec back in 2018 and have since provided legal services regarding Acotec's management buy-back, corporate governance, various technological collaborations with third parties around the world and crossover round financing. We feel privileged for having accompanied Acotec in its remarkable journey, overcoming challenges and cultivating growth. Today we share its joy in this fantastic achievement. We wish Acotec continued success."

Herbert Smith Freehills has advised on a number of biotech listings since the Hong Kong exchange introduced its new regime for biotech listings in 2018, including those by Shanghai Junshi Biosciences (01877.HK), TOT BIOPHARM (01875.HK), SinoMab Bioscience Limited (03681.HK), Peijia Medical (09996.HK), Antengene Corporation Limited (06996.HK), CARsgen Therapeutics (02171.HK), Brii Biosciences (02137.HK) and Shanghai HeartCare Medical (06609.HK).

"Acotec Scientific is the second offering by medical device manufacturers on which we have advisedin the past two weeks. This mandate demonstrates our capability in advising healthcare and biotech companies on high-profile capital market transactions,” said Beijing partner Isaac Chen. "We congratulate Acotec Scientific and the sponsors on this successful IPO."

Acotec Scientific launched the first peripheral DCB product in China in 2016, achieving approximately 86.9% domestic market share in terms of revenue generated in 2020. The DCB product market in China increased from RMB26.9 million in 2015 to RMB1.0 billion in 2019 at a CAGR of 150.5%, and is expected to further increase to RMB6.0 billion in 2024 at a CAGR of 41.5% from 2019 to 2024.

Zhong and Isaac jointly led the team advising the joint sponsors, assisted by senior associate Sherry Lai in Hong Kong, associates Yuchen Zhu, Robert Li, Daina Wang, Brian Ge and Bryan Zhu, and legal assistants Yuanyuan Yin and Emma Chen in Beijing. London-based partner and head of US Securities Tom O'Neil and Hong Kong-based of counsel George Wu provided US securities law advice.

Associate director Lucy Yao led Herbert Smith Freehills Kewei Joint Operation’s Alternative Legal Services business to provide high-efficiency solutions for verification and other document-intensive processes during the offering, assisted by senior lawyer Helen Liang, legal specialist Selina Wang and legal analyst Shawna Peng.




史密夫斐尔北京办公室合伙人王重(Zhong Wang)表示:“我们非常荣幸为先瑞达在港交所上市提供助力。我们自2018年协助中信产业基金收购先瑞达100%股权后,就先瑞达的管理层回购、公司治理、全球范围内的科技合作以及Crossover轮融资等事宜提供法律服务。我们因陪伴先瑞达走过这段难忘旅程而心怀感激,并分享今天公司上市成功的喜悦。祝先瑞达百尺竿头,更进一步!”


北京办公室合伙人陈敏(Isaac Chen)表示:“先瑞达是我们在过去两周为其上市提供法律服务的第二家医疗器械制造商。这显示出我们为医疗保健和生物技术公司就备受瞩目的资本市场交易提供咨询的能力。衷心向先瑞达和保荐人表示祝贺。”


合伙人王重和陈敏率领律师团队为此次联席保荐人提供法律服务。主要团队成员包括香港办公室黎翠芬(Senior Associate)、北京办公室朱雨辰(Associate)、李超(Associate)、王黛娜(Associate)、葛轶(Associate)、朱步凡(Associate)、尹圆圆(Legal Assistant)和陈阿婷(Legal Assistant)。伦敦办公室合伙人、美国证券法主管合伙人Tom O'Neil 以及香港办公室资深顾问吴卓人就该笔交易的美国证券方面事宜提供咨询。

姚硕(Associate Director)率领的科伟史密夫斐尔联营办公室替代性法律服务(ALT)联合团队在发行期间为招股书验证及其他文件密集型工作提供高效率的解决方案,主要成员包括梁琳(Senior Lawyer)、王思颖(Legal Specialist)和彭祺程(Legal Analyst)。


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Sally Greig

Sally Greig, Head of Communications, Asia

Hong Kong

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